3 ways divorce can impact single women

On behalf of The Springer Law Firm posted in Divorce on Thursday, February 16, 2017.

As you work toward finalizing your divorce, you must think about how each decision you make impacts your new single life. Your divorce has two goals - end your marriage and put you in the best position financially. To do this, you should make sure you know about every asset that needs to go through the property division process. You also have to be sure that your credit doesn't take too much of a hit.

Finding hidden assets

There is a chance that your ex-husband hid assets during your marriage so he can have them after the divorce. Even if you don't think he would do this, you should consider the possibility. This is especially true if he planned the divorce for a while before he filed the paperwork. Checking social media accounts, tax returns, public records and financial records for businesses can unearth hidden assets. You may need to hire a forensic accountant who can work with your attorney to find any hidden assets.

Balancing assets and debts

Part of the property division process involves balancing the debts from the marriage with the assets that you amassed. Equal division of assets isn't always possible. In these cases, the debts from the marriage can work to balance out the property division agreement. You should carefully consider each option for dividing everything.

Division of debts must occur even if you don't have to use them to balance assets. You don't want to get stuck with all of the debts from the marriage and none of the assets. Think about the future costs of each asset you may be interested in keeping. For example, insurance, maintenance and property taxes are all expenses related to keeping a home.

Protecting your credit

As you divide debts, consider how it might affect your credit. Your divorce might impact your credit score due to the drop in your income. Your ex-husband not paying the debts that he is supposed to pay could also impact your credit score as long as your name is still attached to the accounts.

The divorce settlement between you and your ex is a civil agreement. Creditors don't have to abide by the terms, including who must pay which debts, because the creditors aren't a party in the civil matter. Keep this in mind when you are worki ng on the terms of the divorce and try to work with creditors to get your name off the accounts your ex is responsible for paying.

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